People familiar with the matter say Galp is studying a divestment of the entire residential customer book, covering roughly 430,000 accounts in Iberia. The review is in the early stages, and there is no guarantee the company will proceed with a sale, according to the people, who asked not to be named because the talks are private. A Galp spokesperson declined to comment.
Selling a customer book is a decision about which business you want to be in. Market Briefs covers energy retail free every weekday.
The residential portfolio sits inside Galp's commercial division, which generates about 9% of profit. The downstream segment adds roughly a third, while exploration and production accounts for more than 60%. As part of a broader restructuring, Galp is working on combining its refinery and gas station operations with those of Moeve SA and is weighing different paths forward for its renewable energy assets. If the refineries and stations are moved into the venture with Moeve, the rest of the company becomes more concentrated on exploration and production.
Moving the refineries and stations into a venture with Moeve would leave the remaining business more focused on exploration and production.
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